Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The de-listing follows a successful buyout of the company by Dubai based Al-Futtaim Group as well as approval of the delisting by Capital Markets Authority/FILE

Kenya

CMC Holdings de-listed from NSE after Al -Futtaim buyout

The de-listing follows a successful buyout of the company by Dubai based Al-Futtaim Group as well as approval of the delisting by Capital Markets Authority/FILE

The de-listing follows a successful buyout of the company by Dubai based Al-Futtaim Group as well as approval of the delisting by Capital Markets Authority/FILE

NAIROBI, Kenya, Feb 12 – CMC Holdings has been de-listed from the Nairobi Securities Exchange (NSE) effective February 11, 2015.

The de-listing follows a successful buyout of the company by Dubai based Al-Futtaim Group as well as approval of the delisting by Capital Markets Authority (CMA).

Last year Al-Futtaim Group secured over 91 percent of the motor dealer’s issued share capital at Sh7.6 billion.

The deal is one of the biggest foreign direct investment inflows into the Kenyan economy and is expected to highlight the appeal of Kenya to global firms seeking a foothold in the emerging African economy.

Earlier, Al-Futtaim’s Automotive President Len Hunt said they will be pursuing opportunities to provide tier one services across the entire automotive value chain in Kenya and the wider region that includes sale, service and maintenance of new and used vehicles, machinery and equipment, in addition to the supply of genuine parts and accessories.

The successful acquisition of the CMC group is Al-Futtaim Group’s first venture into the sub-Saharan and Eastern Africa regions.

Al-Futtaim group operates 100 companies across 28 markets and represents over 100 global brands.

Structured into eight operational divisions; automotive, electronics, engineering and technologies, financial services, general services, joint ventures, real estate and hospitality, and retail.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...